Finance
Helen Coggins -
from Australian Financial Innovations is a boutique Mortgage Broking business, established 2007.
We specialise in finding the right loan for any purpose and are renowned for helping our clients through the finance maze. We have three loan writers, all with extensive banking backgrounds and genuine experience to bring to the table.
Helen has over 25 years experience in the banking and finance industry, having worked for major lenders in consumer, commercial and private banking.
Helen is a mother of 2 and a community member of Hills Central – Real Entrepreneur Mums.
“I love being able to help people into their homes and was able to utilise the skills I already had to do this in my own business. At the same time I can work around my family”.
7 Easy Steps to Buying a Home If You’re Self-Employed
There’s nothing quite like the sweet satisfaction that comes from holding a shiny new set of keys to your very own home.
If you’re a self-employed borrower, you’ve no doubt worked hard to get where you are and you deserve to enjoy the fruits of your labour. Here are our best tips for buying a home when you’re self-employed - but be warned, you may feel tempted to break out a spontaneous “happy dance” when you secure your new digs. It’s that exciting!
1) Save the nest egg
If you’re considering buying property in the not-so-distant future, it’s a good idea to start saving and planning the purchase well in advance. Lenders like to see a solid savings history over several months when assessing home loan applications.
While you may be able to borrow up to 95% of the property’s value by using your personal and business tax returns from the last two years to verify your income, you will be subject to Lenders Mortgage Insurance (LMI) if you have less than 20% for your deposit. LMI protects lenders if you default on your home loan and it can be costly, so it’s a good idea to aim to save a deposit of 20% or more.
2) Be fastidious about financials
As a self-employed borrower, one of the best ways to maximise your chances of approval is to make sure your financial records are up-to-date and accurate. Lenders are typically more careful about granting home loans to self-employed borrowers, as your income streams fluctuate more than PAYG applicants and it’s more difficult for lenders